GE Capital Assurance is now Genworth Financial
Genworth Financial is a new public insurance holding company comprised of the businesses you know from GE Financial and GE Mortgage Insurance. Genworth Financial is among the largest US insurance companies, and they begin the new phase of their company's history with:
- $100 billion in assets
- 15 million customers
- More than 5000 employees
- Operations in 20 countries
- $100 billion in assets
Genworth Financial is the industry leader in long term care insurance with over $1.6 billion total in-force premium in a business they helped pioneer 30 years ago. With more than 1 Million policyholders nationwide, their experience and expertise sets them apart from all other long term care insurers. While they are known for their strong product portfolio, it is their service that makes the difference. Their claims department has facilitated payments of more than $2.3 billion in long term care claims since 1974, more than any other insurer in the industry today
Genworth Financial's focus on delivering innovative products and providing outstanding service to their customers remains constant. You will find the same great people, the same benefits and the same commitment to quality and innovation. For 30 years more people have trusted Genworth Financial to cover the costs of their long term care than any other insurer. The name may be different, but the commitment is the same. They are built on GE heritage.
- 1974 Fireman's Fund American Life helps pioneer long term care insurance.
- 1985 Fireman's Fund American Life becomes direct subsidiary of American Express.
- 1986 Fireman's Fund American Life renames AMEX Life Assurance Company.
- 1995 GE Capital acquires AMEX Life Assurance Company.
- 1996 AMEX Life Assurance Company renames GE Capital Assurance Company, Long Term Care Division.
- 2004 GE Capital Assurance, Long Term Care Insurance becomes a part of Genworth Financial.
Women Need To Plan Ahead For Long Term Care Needs
Add something to your to-do list: plan for long term care needs. While this may seem like something that's far off into the future, it may not be the best thing to wait until then to plan for it. Long term care is a woman's issue. Women generally face a greater risk of needing long term care and more women than men bear the burden of providing long term care for a spouse or family.
These points were made before the Senate Committee on Health, Education, Labor & Pension by Senator Susan M. Collins (R-ME)*:
- Women can expect to live as much as 7 years longer than men and this puts them at risk for needing long term care.
- Today, almost 75% of the caregivers in the US are women.
- The average caregiver is a 46 year old working woman who spends an additional 18 hours per week caring for her 77 year old mother.
*Submitted Testimony by Senator Susan M. Collins (R-ME) to the Senate Committee on Health, Education, Labor & Pensions, 2/6/02.
You May Need Care Too!
This is why long term care is a woman's issue. Who will provide the care you need? Many people think their spouse or family will be able to provide the care they need regardless of the level of care needed or the expertise needed to deliver the care. You never know why you might need care or the care you will need. It may be impractical or even impossible for your family to provide that care.
Try an experiment for yourself. Have your spouse lie on the bed. Now try lifting them out of bed into a chair sitting next to the bed. If you are not able to transfer, this is the type of help you may need. This sort of help is also needed to assist someone in taking a bath. Add to the mix soap and water and it becomes even more difficult. An additional factor to consider is age. While you may be able to manage getting your spouse in and out of bed or into and out of the bath, what if you were 80? You don't have the strength at 80 that you have at 60. You don't have the strength at 60 you had at 40. The natural aging process makes these things more difficult for us.
Helping You To Stay Home Safely As Long As Possible
Long term care insurance can provide a solution for many people on this issue. It can provide the care needed for you to remain safely at home as long as possible. With care providers coming in, it reduces the amount of responsibility and burden your family will face when you need care. AM Warner Insurance recommends evaluating long term care insurance when you are in your 30's or 40's. You may find it is not the right time financially for you to take some out, but you may find the premiums to be affordable due to your young age. If you're in your 50's or 60's is not too late to consider long term care insurance. If fact, you should not delay as you are more at risk for health changes and the older you are, and the more expensive long term care insurance becomes.
Planning for your long term care needs will give you the ability to pay for care when its needed and have a plan in place to ensure you have the ability to make choices in the care you are provided. It will help you maintain your independence and control over your future.